The Variance 3/7/3 Rule Requires a Seven Business Day Waiting

question 12

Multiple Choice

The variance 3/7/3 Rule requires a seven business day waiting period once the initial disclosure is provided before closing a home loan if the Good Faith Estimate turns out to be off by more than the variance percentages established by which of the following new legislative actions?

• A) Mortgage Disclosure Improvement Act of 2008
• B) American Recovery and Reinvestment Act of 2009
• C) The Frank-Dodd Act of 2011
• D) The Community Reinvestment Act

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Definitions:

Infrastructure Capabilities

The essential facilities and systems serving a country, city, or area, including transportation and communication systems, power plants, and schools necessary for economic function.

Population Growth

The increase in the number of individuals in a population, often discussed in context with economic, environmental, and social impacts.

Purchasing Power

The ability of an individual or group to buy goods or services, often considered in relation to the amount of goods or services that one's money can buy.

Urban Population

The segment of a country's population that resides within towns and cities as defined by governmental standards.